Conventional Loan Programs

Conventional Loans

A conventional mortgage loan is the most widely known mortgage loan.  The most popular of which is the size of the loan which is generally limited to $424,100.  Other guidelines include the borrowers loan-to-value ratio (LTV), the debt-to-income ratio (DTI) credit score, credit history, documentation requirements and others. Conventional loans are not guaranteed or insured by any government agency and are typically fixed in terms of the terms and rate. About half of all conventional loans are called conforming mortgages because they conform to the guidelines set by Fannie Mae and Freddie Mac.  The rest are known as non-conforming mortgage loans and include loan types such as Jumbo Loans and Sub-prime Loans, which are marketed to borrowers with low credit scores.  They typically come with higher interest rates and fees.

These are the conventional loan programs that United Mortgage Plus offers:

Home Possible Advantage

​​​​​​​A great alternative to FHA financing for those looking to purchase with a low down payment or refinance with limited equity.

  • Up to 97% LTV

  • First time homebuyers, move-up borrowers, and retirees

  • Refinances up to 97% LTV, regardless of current mortgage program

  • No income limits for Underserved Areas

  • No reserve requirements for 1-unit properties

HomeReady

​​​​​​​Fannie Mae’s conventional option those looking to purchase with a low down payment or refinance with limited equity

  • Purchases up to 97% including FTHB

  • Refinances up to 95% LTV, regardless of current mortgage program

  • Reduced Mortgage Insurance

  • High Balance available

  • Relaxed AMI income limits based on census tracts

  • Gift funds eligible for entire down payment

High Balance ARMs

​​​​​​Need an ARM loan to accommodate non-conforming loan amounts? Qualify for our high balance 5/1 and 7/1 ARM products! Conventional loans meeting the following requirements are eligible:
​​​​​​​

  • $417,001+ loan amount

  • LTV’s as high as 90%

  • 640+ FICO

  • Underwrite to AUS findings

Elite

​​​​​​​This program is comprised of some of the best conventional rates and pricing in the industry, Our Elite program allows you to close quickly.

  • 740+ FICO

  • Up to 80% LTV

  • Loan amounts from $250,000 up to County Loan Limits

  • Property Inspection Waivers honored

  • Underwrite to AUS findings

  • Includes Conventional, High Balance and ARMs

Elite High Balance

​​​​​​​Elite High Balance offers some of the best conventional high balance rates and pricing.  You’ll receive industry-leading turn times, direct access to underwriting, and award-winning technology with every loan.

  • 740+ FICO

  • Up to 80% LTV

  • Loan amounts from $417,001 up to County Loan Limits

  • Property Inspection Waivers honored

  • Underwrite to AUS findings

  • Includes Conventional, High Balance and ARMs

Elite High Balance ARM

​​​​​This is an ARM loan that accommodates non-conforming loan amounts. The Elite High Balance 5/1 and 7/1 ARM products are great options.

  • 740+ FICO

  • Up to 90% LTV

  • Loan Amounts from $417,001 up to County Loan Limits

  • Property Inspection Waivers honored

  • Underwrite to AUS findings

Pay Advantage Preferred

​​​​​Pay Advantage Preferred treats you to added incentives. Offering up to 30 BPS discount off M.I. adjustments for 760+ borrowers, eliminate the monthly mortgage insurance while receiving all of the benefits you’ve come to expect alongside our #1 M.I. product, Pay Advantage.

  • 1.45% premium for 90.01 – 95% LTV

  • 0.87% premium for 85.01 – 90% LTV

  • 0.50% premium for 80.01 – 85% LTV

ARMs

​​​​​​​Our aggressive ARM pricing can provide a lower payment for you! Secure your loan in a competitive 5/1 or 7/1 low interest rate ARM.

  • Provide savings for your clients with lower rate and payment options

  • Quickly and easily price out your loans with Easy Qualifier (EQ) to determine your borrower’s best scenario

  • Reduced caps to 2/2/5 on all 5/1 ARM products

  • 7/1 ARMs qualify at the actual note rate

 

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